As a new year approaches, many companies are wondering about the latest finance and accounting hiring trends. Organizations of all sizes rely on accountants and finance professionals to keep operations moving forward. And, the labor market has been tight for quite some time!

It seems the labor market will likely remain unchanged moving into 2020. That may sound ominous to recruiters and hiring managers, but there’s good news. Companies can take practical actions to mitigate the staffing crisis.

Here Are The Top Finance and Accounting Hiring Trends That Will Affect Businesses in 2020:

Labor Shortage Continues

As mentioned, employers should expect the tight labor market to continue well into the next year. In fact, the U.S. Bureau of Labor Statistics says the unemployment rate for accountants sits at only 2%! There’s no reason to expect a dramatic change in the coming months.

Companies must continue to engage in aggressive recruiting and retention campaigns. Now is not the time to reduce HR budgets. In fact, organizations may consider further reallocation of resources and funds toward recruitment efforts.

Salary Expectations Are High

The current labor crisis is further compounded by increasing salary expectations. So, companies are not only facing higher recruiting costs, but they’re also managing bigger payrolls. Forward-thinking leaders can still find affordable ways to woo talent, however.

Instead of attempting to match salaries offered by competitors, some organizations may find success in expanding employee benefits and perks packages. These offerings may pack a big ROI punch that entices workers at an affordable cost.

Candidates Expect Flexibility

Companies can also supplement salaries with generous PTO policies and flexibility in work schedules. Perhaps an organization can’t match a competitor’s salary but provides a better work-life balance that ultimately matters more to prospective employees.

Data actually supports this theory and suggests millennials, in particular, will trade income for work flexibility. This strategy is particularly helpful to startups that may lack the financial resources of large competitors but benefit from more fluid organizational structures.

Employers Must Loosen Job Requirements

Ultimately, company leaders must recognize that market forces always dictate the rules. Owners and managers usually understand this reality when it comes to addressing customer demands, yet they sometimes forget it also factors into hiring. Yes, job candidates are in charge right now.

Employers can either entice jobseekers through superior salaries, benefits, and other incentives, or they must relax job requirements. Sometimes it makes sense to hire a less experienced candidate at an affordable rate who can then be trained.

Staffing Technology is Mandatory

Recruiting top talent is difficult in any job market, but with the 2020 finance and accounting hiring trends, it’s practically unicorn-hunting. Now is not the time to skimp on helpful technological tools.

Staffing and recruiting software helps companies identify talent faster. And speedy outreach is a critical recruiting virtue when scouting for desirable candidates. In this market, a talented accountant may receive numerous job offers in a matter of days!

Closing Thoughts

For companies planning their 2020 Q1 objectives, finance and accounting hiring trends should be front and center. This historically competitive job market won’t last forever, but it’s very likely to continue for many months to come. Fortunately, actions can be taken to mitigate the challenges!

If you’re a company leader in need of industry-leading accountants and finance professionals, talk to one of the nation’s best recruiting agencies today!

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If you are looking to hire and need help sourcing great candidates quickly, connect with Goodwin Recruiting.